CGHY.TO vs. DXO.TO

Last updated Jul 18, 2026

CGHY.TO (CI High Yield Bond Private Pool ETF C$ Series) and DXO.TO (Dynamic Active Crossover Bond ETF) are both exchange-traded funds - CGHY.TO is a High Yield Bonds fund actively managed by CI Global Asset Management, while DXO.TO is a Corporate Bonds fund actively managed by Dynamic. Both are actively managed. Over the past 5 years, CGHY.TO returned 9.33%/yr vs 2.77%/yr for DXO.TO. At a 0.09 correlation, their price movements are largely independent.

Performance

CGHY.TO vs. DXO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) and Dynamic Active Crossover Bond ETF (DXO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CGHY.TO achieves a 2.66% return, which is significantly higher than DXO.TO's 1.81% return.

CGHY.TO

• 1D: 0.29%
• 1M: 0.03%
• 6M: 1.98%
• YTD: 2.66%
• 1Y: 5.79%
• 3Y*: 8.38%
• 5Y*: 9.33%
• 10Y*: 6.42%

DXO.TO

• 1D: 0.05%
• 1M: -0.14%
• 6M: 1.45%
• YTD: 1.81%
• 1Y: 5.53%
• 3Y*: 7.25%
• 5Y*: 2.77%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CGHY.TO vs. DXO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGHY.TO CI High Yield Bond Private Pool ETF C$ Series	2.66%	6.19%	9.66%	13.41%	13.50%	2.47%	-1.13%	10.73%	-2.45%	5.23%
DXO.TO Dynamic Active Crossover Bond ETF	1.81%	6.82%	6.51%	11.28%	-12.16%	5.03%	10.15%	12.26%	-1.94%	4.52%

Correlation

The correlation between CGHY.TO and DXO.TO is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 25, 2017	0.09

The correlation between CGHY.TO and DXO.TO shifts across timeframes, from 0.01 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CGHY.TO vs. DXO.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CGHY.TO

CGHY.TO Risk / Return Rank: 44
CGHY.TO Sharpe Ratio Rank: 30
CGHY.TO Sortino Ratio Rank: 27
CGHY.TO Omega Ratio Rank: 29
CGHY.TO Calmar Ratio Rank: 71
CGHY.TO Martin Ratio Rank: 63

DXO.TO

DXO.TO Risk / Return Rank: 71
DXO.TO Sharpe Ratio Rank: 68
DXO.TO Sortino Ratio Rank: 72
DXO.TO Omega Ratio Rank: 80
DXO.TO Calmar Ratio Rank: 62
DXO.TO Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CGHY.TO vs. DXO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) and Dynamic Active Crossover Bond ETF (DXO.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CGHY.TO	DXO.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.66	-0.80
Sortino ratio: Return per unit of downside risk	1.19	2.47	-1.28
Omega ratio: Gain probability vs. loss probability	1.16	1.36	-0.20
Calmar ratio: Return relative to maximum drawdown	2.67	2.30	+0.37
Martin ratio: Return relative to average drawdown	8.35	9.91	-1.56

CGHY.TO vs. DXO.TO - Sharpe Ratio Comparison

The current CGHY.TO Sharpe Ratio is 0.86, which is lower than the DXO.TO Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of CGHY.TO and DXO.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CGHY.TO vs. DXO.TO - Drawdown Comparison

The maximum CGHY.TO drawdown since its inception was -24.44%, which is greater than DXO.TO's maximum drawdown of -17.61%. Use the drawdown chart below to compare losses from any high point for CGHY.TO and DXO.TO.

Drawdown Indicators

	CGHY.TO	DXO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.44%	-17.61%	-6.83%
Max Drawdown (1Y) Largest decline over 1 year	-2.18%	-2.41%	+0.23%
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	-3.78%	-1.14%
Max Drawdown (5Y) Largest decline over 5 years	-9.81%	-15.91%	+6.10%
Max Drawdown (10Y) Largest decline over 10 years	-24.44%	—	—
Current Drawdown Current decline from peak	-0.67%	-0.56%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.04%	-2.94%	+0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	0.56%	+0.14%

Volatility

CGHY.TO vs. DXO.TO - Volatility Comparison

CI High Yield Bond Private Pool ETF C$ Series (CGHY.TO) has a higher volatility of 1.46% compared to Dynamic Active Crossover Bond ETF (DXO.TO) at 0.92%. This indicates that CGHY.TO's price experiences larger fluctuations and is considered to be riskier than DXO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGHY.TO	DXO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	0.92%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	5.79%	2.65%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	6.76%	3.34%	+3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.55%	5.63%	+8.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	7.73%	+5.22%

Dividends

CGHY.TO vs. DXO.TO - Dividend Comparison

CGHY.TO's dividend yield for the trailing twelve months is around 5.05%, less than DXO.TO's 5.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGHY.TO CI High Yield Bond Private Pool ETF C$ Series	5.05%	5.40%	4.99%	5.14%	5.08%	6.32%	6.08%	5.65%	5.91%	5.45%	5.57%	4.73%
DXO.TO Dynamic Active Crossover Bond ETF	5.32%	5.55%	5.61%	5.65%	5.29%	4.15%	4.20%	3.96%	4.31%	2.15%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CGHY.TO and DXO.TO in my portfolio?

CGHY.TO and DXO.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between CGHY.TO and DXO.TO?

CGHY.TO is categorized as High Yield Bonds, while DXO.TO is Corporate Bonds. They also come from different issuers: CI Global Asset Management and Dynamic.